The IPOX® Update 6/20/23

GEN Restaurant Group to Go Public With $33 Million IPO

GEN Restaurant Group, the owner of GEN Korean BBQ chain, has announced an Initial Public Offering (IPO) aiming to raise $33 million by selling 3 million shares. The California-based company reported a net income of $11.4 million on a revenue of $169 million in the past year. With shares at a mid-point pricing of $11.00, the company's valuation is expected to be around $342.56 million. Roth Capital Partners is acting as the sole book-runner for the IPO, with The Craig-Hallum Group and The Benchmark Company co-managing. (Source)

Jamjoom Pharmaceuticals Makes Stellar Debut in Saudi Arabia's Largest IPO of 2023

Jamjoom Pharmaceuticals enjoyed a successful trading debut, with its stock surging 30% on its first day of trading in Saudi Arabia. The generic drugmaker raised $336 million in the IPO, pricing its shares at the top end of the range. The firm secured two cornerstone investors which added to market confidence. JPMorgan Chase and Saudi Fransi Capital were advisers, bookrunners, and underwriters for the IPO. (Source)

Renault’s Electric Vehicle Unit, Ampere, Targets Profitability and Gears up for IPO

Renault has revealed that its electric vehicle unit, Ampere, is aiming for profitability by 2025. The unit has set a goal of reducing costs by 40% for its next-generation vehicles, and aims to grow at a rate of 30% until 2030. Nissan and Mitsubishi are considering investments in Ampere, which also has backing from Qualcomm. The listing for Ampere's IPO is expected in Q4. (Source)

Investcorp Holding Eyes $600 Million Raise Through Investcorp Capital IPO

Investcorp Holding is reportedly planning to raise up to $600 million through the IPO of its investment vehicle, Investcorp Capital, in Abu Dhabi. Both Investcorp and First Abu Dhabi Bank have not commented on the matter. Goldman Sachs, HSBC, Moelis & Co., and Emirates N BD have also not responded to Reuters' request for comment. (Source)

Osaka-Based Medical Staffing Firm Shareholder Seeks to Raise $457 Million Through Tokyo IPO

Shareholder Life Science & Digital Health Co. of Osaka-based medical staffing firm Tryt is offering 40 million shares at 1,620 yen each in a bid to raise $457 million via an IPO in Tokyo. An over-allotment option with an additional 6 million shares is also included. Bank of America, Morgan Stanley, SMBC Nikko, and UBS are acting as joint global coordinators. (Source)

Keep Inc. Loses Goldman Sachs as Coordinator in Hong Kong IPO

Keep Inc., a fitness app developer backed by SoftBank, and Goldman Sachs have mutually terminated Goldman Sachs' appointment as coordinator for Keep Inc.'s Hong Kong IPO. CICC remains as the overall coordinator. Keep switched to a Hong Kong listing due to increased scrutiny on Chinese companies in the US. (Source)

AstraZeneca Weighs Spinoff of China Business Amid Geopolitical Strains

AstraZeneca is reportedly considering spinning off its China business, potentially listing in Hong Kong or Shanghai. As a prominent international pharmaceutical company in China's hospital sector, this move may enable AstraZeneca to circumvent regulatory challenges and expedite drug approvals in China. This reflects the growing trend of multinationals looking to mitigate risks due to geopolitical tensions. (Source)

Fidelis Insurance Holdings Set to Launch IPO, Aiming to Raise $298 Million

Fidelis Insurance Holdings Limited has announced the launch of its initial public offering on the New York Stock Exchange under the ticker symbol FIHL. The company expects to price 17 million shares at an estimated range of $16 to $19 per share. At the midpoint of the estimated price range, Fidelis will raise approximately $298 million. The underwriters for the IPO include J.P. Morgan, Barclays, and Jefferies. Principal shareholders of the Bermuda-based reinsurance firm include Crestview Funds, CBC, Goldman Sachs, and Abu Dhabi Investment Authority. Fidelis reported a net income of $1.65 billion on revenue of $3.14 billion for 2022 and had total assets of $8.07 billion as of December 31, 2022. (Source)